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Chapter 14 Questions. 1. In a circular flow of economic activity, producers need the following three resources to create goods: 2. The law of demand says that when product prices are 3. Producers made more shirts to sell at $60 than they did at $40. This shows
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Chapter 14 Questions 1. In a circular flow of economic activity, producers need the following three resources to create goods: 2. The law of demand says that when product prices are 3. Producers made more shirts to sell at $60 than they did at $40. This shows 4. The market price is determined by the 5. Which of the following, along with price, affects the demand for products? 6. What payment do producers exchange for the use of capital? 7. Our free market economy depends on a circular flow of 8. Entrepreneurs are motivated to start businesses in order to 9. Which payment do businesses exchange for factors of production? 10. Which is not an example of how businesses are owned in our economy? 11. Large corporations have grown in importance because they 12. An advantage of a sole proprietorship is that the owner 13. Corporations sell stock in order to 14. Why is labor different from other factors of production? 15. What was the primary cause of the rise of labor unions? 16. Which was not a weapon used by unions or employers in the early days? 17. What set the stage for the modern labor movement? 18. Which is not an example of a service-oriented business? 19. Wage laborers in the 1800s suffered because of
Chapter 14 Is about … Basics of Our Economic System Section 1 Section 2 Section 3 The Principles of Our Market Economy The Role of Businesses in the American Economy Labor in the American Economy • Despite the risk of losing money, entrepreneurs start businesses to earn profits. • Labor, land, and capital are the factors of production. • Sole proprietorships, partnerships, and corporations are the 3 basic forms of business ownership. • A market economy is based on circular flow of goods, services, and capital. • Supply and demand determine the market price of a product. • As wage labor grew, the need for unions to protect workers grew. • Unions negotiate through collective bargaining. • Unions use strikes, boycotts, & work slow downs to force change. • Owners use lockouts, black lists, & strike breakers in response.
